VEON Ltd. research snapshot
VEON AI stock analysis currently reads VEON Ltd. as a digital operator providing mobile connectivity and digital services across five markets in Europe and Asia: Pakistan, Ukraine, Bangladesh, Kazakhstan, and Uzbekistan. At the August 4, 2026 data cutoff, VEON closed at $53.15 per ADS on August 3, with a reported market capitalization of $3.68 billion and an AI score of 70 out of 100. The AI score recognizes 2Q26 revenue growth of 17.0% YoY to $1,271 million, EBITDA of $552 million, digital revenue growth of 53.6% to $342 million, and a raised 2026 guidance of 15% to 18% revenue growth. The VEON AI stock forecast remains scenario-based because currency fluctuations, the war in Ukraine, spectrum costs, and emerging-market operating conditions can change outcomes. This page is an informational research tool and not investment advice.
Current price
$53.15 NASDAQ quote on August 3, 2026
Market cap
$3.68 billion reported market cap
AI score
70 / 100
Rating
Emerging-market digital operator with strong 2Q26 and 1H26 revenue and EBITDA growth, digital revenue at 26.9% of group revenue, raised 2026 guidance, and improving cash flow and leverage, offset by currency exposure, geopolitical risk in Ukraine, and thin trading liquidity
Trend status
Neutral to positive at the August 3 close, trading within the 52-week range of $42.60 to $64.00
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | VEON provides mobile connectivity, fixed broadband, and digital services including financial services, entertainment, mobility, healthcare, and enterprise solutions across five emerging markets in Europe and Asia. | High |
| Moat | Spectrum licenses, network infrastructure, local brands (Jazz, Kyivstar, Banglalink, Beeline), large subscriber bases (about 151.5 million mobile and 227.7 million digital customers in 2Q26), and regulatory barriers create operating advantages. Competition and regulatory constraints limit pricing power. | Medium-high |
| Management | CEO Kaan Terzioglu has driven digital transformation, completed the Russia exit, sold Kyrgyzstan, refinanced 2027 debt with a $1.4 billion bond issue, raised 2026 guidance, and committed to canceling at least $100 million of repurchased shares annually. The Dhabi Group settlement brings a new Abu Dhabi based investor. | Medium |
| Financial trend | 2Q26 revenue was $1,271 million (+17.0% YoY) and EBITDA was $552 million (+6.2% YoY). 1H26 revenue was $2,472 million (+17.0% YoY) and EBITDA was $1,069 million (+11.5% YoY). Digital revenue grew 55.5% to $644 million in 1H26 and equity free cash flow reached $320 million (+47.5% YoY). | High |
| Valuation | At the August 3 close of $53.15, Google Finance displays a P/E of 7.15x on reported EPS of $7.43, which is inflated by one-off gains. financial_rigor.py computes P/B of 2.42x, P/S of 0.77x, and EV/EBITDAaL of about 3.3x from sourced inputs. VEON pays no dividend. | Medium |
| Technical trend | The August 3 close of $53.15 was within the 52-week range of $42.60 to $64.00, near the middle of the range. Low average volume of about 84,000 ADSs per day reduces the reliability of technical signals. | Medium |
| Risk level | Risk is high because VEON operates across five emerging markets with currency depreciation, the war in Ukraine, political unrest in Bangladesh, regulatory changes, spectrum costs, and thin equity market liquidity. Reported EPS includes non-recurring items that can distort the low headline P/E. | High |
| AI confidence | Reported results and market statistics are well documented from SEC filings and company disclosures. The main uncertainty is not data availability but the sustainability of growth given currency, geopolitical, and operating risks across five emerging markets. | High data confidence |
| Investment certainty | A stronger case requires sustained evidence that digital revenue growth continues above 50%, the raised 2026 guidance is delivered, currency impacts remain manageable, the Ukraine business stays resilient, and the share cancellation program demonstrates management confidence. | Medium-low |
VEON AI stock forecast
The VEON AI stock forecast uses scenario ranges rather than a fixed target because a five-market digital operator depends on currency rates, spectrum policy, regulatory conditions, geopolitical stability, and digital adoption. A three-year mechanical model anchored on a normalized forward EPS of about $6.00 per ADS produces about $101 in a bullish case, $68 in a base case, and $36 in a bearish case. These are auditable scenario outputs, not price promises, and reported EPS continues to include non-operating items.
$85 to $110 per share
More likely if digital revenue growth sustains above 50%, FY26 lands near the top of the raised guidance (18% revenue growth), currency headwinds stay moderate, Ukraine operations remain resilient, the annual share cancellation plan is executed, and the multiple moves toward the higher published targets of $100 and $110.
$55 to $75 per share
More likely if FY26 revenue and EBITDA growth land in the middle of the raised guidance (15% to 18% revenue, 9% to 12% EBITDA), digital revenue keeps scaling, currency pressures stay manageable, and net leverage stays near 1.1x. This range brackets the most recent published targets of $70, $74, and $75.
$30 to $40 per share
More likely if currency depreciation in Pakistan and Bangladesh accelerates materially, the Ukraine war escalates and disrupts Kyivstar, spectrum costs rise sharply, regulatory changes restrict digital financial services, normalized earnings disappoint, or liquidity deteriorates further.
VEON AI technical analysis
VEON AI technical analysis was neutral to positive at the August 3, 2026 close of $53.15, within a 52-week range of $42.60 to $64.00. Average daily volume is thin at about 84,000 ADSs, which reduces signal reliability. Technical levels are approximate reference zones dated to the August 4, 2026 data cutoff, not certainty about the next move.
| Level | Value | Why it matters |
|---|---|---|
| Current price | $53.15 per ADS | Google Finance listed this Nasdaq quote for August 3, 2026, up 1.64% on the session with a daily range of $52.60 to $54.00. |
| Immediate support | $52.00 to $53.00 | The August 3 session low of $52.60 marks the nearby area. A support hold should be confirmed with volume and updated company data. |
| Near support | $49.00 to $51.00 | This is the prior consolidation zone below the current price and the first level to watch on a pullback. |
| Deeper support | $44.00 to $46.00 | A sustained move into this zone would approach the 52-week low of $42.60 and should trigger a fundamentals review. |
| Near resistance | $54.00 to $56.00 | The August 3 session high of $54.00 is the first hurdle, followed by the $56.00 area. |
| Upper resistance | $62.00 to $64.00 | The 52-week high of $64.00 is the key level to watch for a breakout signal. |
| Moving averages | Thin data limits reliability | Low average volume reduces the reliability of moving average signals for VEON. |
| Momentum | Recovered from the 52-week low of $42.60 | The stock has risen well above the low, but momentum should be confirmed with the 2Q26 results and the raised guidance context. |
| Volume | Average about 84,000 ADSs per day | Thin volume can exaggerate price moves. Watch volume with 3Q26 earnings, buyback updates, and currency disclosures. |
| Volatility | Elevated | A beta of 1.64 and sensitivity to currency, geopolitical, and regulatory events can cause sharp price moves. |
| Invalidation | Close below $49.00, then $42.60 | A sustained break below the 52-week low weakens the technical setup. Reassess against revenue, EBITDA, cash flow, and geopolitical evidence. |
VEON AI trading strategy
The VEON AI trading strategy below is a rules-based research framework, not personal investment advice. It pairs chart levels with revenue growth, EBITDA margin, digital revenue share, equity free cash flow, net leverage, currency trends, buyback and cancellation activity, and geopolitical developments.
Watch for VEON to hold $52.00 to $53.00 support, reclaim $54.00 to $56.00, and then test the $62.00 to $64.00 52-week high zone with improving volume and operating data that supports the raised 2026 guidance.
A failed reclaim followed by a close below $49.00 reduces trend confidence, especially if 3Q26 revenue or EBITDA miss the raised guidance, currency weakness accelerates, or geopolitical risks increase.
If VEON retests $49.00 to $51.00 without structural deterioration in revenue growth, EBITDA margins, or leverage, compare the lower price with the 2Q26 operating momentum and the annual share cancellation plan.
Do not treat a lower price as attractive if it follows a revenue miss, margin compression, a major currency devaluation, adverse regulatory change, or escalation of the Ukraine conflict.
Track quarterly revenue growth, EBITDA margin, digital revenue share, equity free cash flow, net leverage, currency trends (PKR, BDT, UAH, KZT, UZS), spectrum auction outcomes, buyback and cancellation execution, and 3Q26 results.
Position sizing should reflect that VEON is an emerging-market digital operator equity with thin Nasdaq liquidity, not a diversified telecom holding or a precise AI price prediction.
Investment research summary
Customers pay VEON for mobile connectivity, fixed broadband, and digital services including financial services, entertainment, mobility, healthcare, and enterprise solutions across five emerging markets. The group converts spectrum, networks, local brands, digital platforms, and regulatory positions into recurring connectivity and digital revenue.
VEON holds spectrum licenses, network infrastructure, large subscriber bases (about 151.5 million mobile and 227.7 million digital customers in 2Q26), and local brands such as Jazz, Kyivstar, Banglalink, and Beeline. Regulatory barriers and growing digital ecosystems add to the position, but competition and regulatory constraints limit pricing power.
The thesis fails if currency depreciation in Pakistan, Bangladesh, or Ukraine accelerates materially, the Ukraine war disrupts Kyivstar, spectrum costs consume free cash flow, regulatory changes restrict digital financial services, competition intensifies, or reported earnings stay dominated by one-off items.
Management closed the Russia exit, sold Kyrgyzstan, refinanced 2027 debt with a $1.4 billion bond issue, raised 2026 guidance, and committed to canceling at least $100 million of repurchased shares annually. The durable test is whether digital revenue growth, currency stability, and the capital return plan translate into sustained equity value.
Rising data consumption, digital financial services adoption, and AI-enabled network and customer tools support telecom relevance in emerging markets. The industry still faces spectrum auction costs, currency pressures, political risk, and continuous capital investment requirements.
At $53.15, the headline P/E of 7.15x on reported EPS of $7.43 overstates cheapness because that EPS includes large one-off gains. On a normalized FY2025 EPS of roughly $2.78, the P/E is about 19x. P/B is about 2.4x and P/S about 0.77x. Margin of safety depends on sustained digital growth, currency stability, and delivery of the raised guidance.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| VEON NASDAQ quote reference | $53.15 quote on August 3, 2026, up 1.64% on the session | Google Finance VEON | August 4, 2026 |
| Market capitalization verification | $3.68 billion reported and $3.66 billion calculated from $53.15 x 68.77 million ADSs, a 0.68% variance | Google Finance market cap and Pineify financial_rigor.py | August 4, 2026 |
| 2Q26 total revenue | $1,271 million, +17.0% YoY | VEON 2Q26 Earnings Release (July 31, 2026) | August 4, 2026 |
| 2Q26 EBITDA | $552 million, +6.2% YoY, 43.4% margin | VEON 2Q26 Earnings Release (July 31, 2026) | August 4, 2026 |
| Digital revenue and share | $342 million in 2Q26, +53.6% YoY, 26.9% of group revenue; $644 million in 1H26, +55.5% YoY | VEON 2Q26 Earnings Release (July 31, 2026) | August 4, 2026 |
| 1H26 results | Revenue $2,472 million, +17.0% YoY; EBITDA $1,069 million, +11.5% YoY | VEON 2Q26 Earnings Release (July 31, 2026) | August 4, 2026 |
| Equity free cash flow | $320 million in 1H26, +47.5% YoY; $74 million in 2Q26 | VEON 2Q26 Earnings Release (July 31, 2026) | August 4, 2026 |
| Cash and net debt | Cash and cash equivalents $2,193 million at June 30, 2026; net debt excluding leases $1,819 million; net leverage 1.10x | VEON 2Q26 Earnings Release (July 31, 2026) | August 4, 2026 |
| Balance sheet equity | Total equity $1,921 million at June 30, 2026, of which $1,513 million attributable to owners of the parent | VEON 2Q26 Earnings Release (July 31, 2026) | August 4, 2026 |
| FY2025 annual results | Revenue $4,399 million, +9.9% YoY; EBITDA $2,009 million, +18.8% YoY; digital revenue $759 million, +62.5% YoY | VEON FY25 4Q25 Earnings Release (March 13, 2026) | August 4, 2026 |
| FY2025 EPS and one-offs | EPS of $7.42 per ADS includes a $489 million gain on the Pakistan tower sale and a $170 million Dhabi Group provision; normalized EPS is roughly $2.78 | VEON FY25 4Q25 Earnings Release (March 13, 2026) | August 4, 2026 |
| 2026 guidance (raised) | Revenue growth 15% to 18% YoY (previously 11% to 14%), EBITDA growth 9% to 12% YoY (previously 7% to 10%), capex intensity ex-Ukraine 15% to 17% | VEON 2Q26 Earnings Release (July 31, 2026) | August 4, 2026 |
| Buyback and capital return | $82.5 million repurchased under the current $100 million program; $182.6 million repurchased cumulatively since August 2024; target to cancel at least $100 million annually | VEON 2Q26 Earnings Release (July 31, 2026) | August 4, 2026 |
| Share count | Approximately 68.77 million ADSs outstanding | Google Finance VEON statistics | August 4, 2026 |
| Valuation inputs and ratios | TTM EPS $7.43 (FY25 annual, one-off inflated), P/E 7.15x, P/B 2.42x, P/S 0.77x, EV/EBITDAaL about 3.3x, beta 1.64 | Google Finance and Pineify financial_rigor.py | August 4, 2026 |
| 52-week price range | $42.60 to $64.00 | Google Finance VEON | August 4, 2026 |
| Analyst targets | Published targets from $70 to $110, including $70 (Northland, June 2026), $74 (Rothschild & Co Redburn, April 2026), $110 (Emerging & Frontier Capital, February 2026), $75 (Benchmark, December 2025), and $100 (New Street, November 2025) | Google Finance analyst ratings | August 4, 2026 |
This VEON AI stock analysis is an informational research tool only. It is not investment advice, a recommendation to buy or sell VEON stock, or a guarantee of future returns. Forecast scenarios are based on available data as of August 4, 2026, can be wrong, and should be updated when new earnings, currency, geopolitical, regulatory, spectrum, operating, or market information changes.
Design trading strategies visually with 10+ indicators. Set entry/exit conditions and risk management, then generate Pine Script code with no coding required.
Filter and discover stocks based on market cap, dividend yield, P/E ratio, sector, and more. Screen thousands of stocks with real-time data.
Smart AI-driven stock selection with fundamental screening, analyst estimates, and key metrics. Filter by P/E, market cap, dividends, and more.
